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Coronavirus Update: SBA, small business owners in W.Va. discuss relief aid – ‘Be patient. This process takes time’

By Steven Baublitz, The Exponent Telegram

CLARKSBURG, W.Va. — In accordance with the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, billions of dollars have been set aside to help small businesses throughout the nation, including those registered in the Mountain State.

Under the Act, $376 billion was set aside for relief, comprising several programs small businesses can take advantage of, including the Paycheck Protection Program, Economic Injury Disaster Loan (EIDL), SBA Express Bridge Loan and SBA Debt Relief. …

According to U.S. SBA Public Affairs Specialist Nikki Bowmar, virtually every small business in the Mountain State has reached out, with the most sought-after requests being the Pay Check Protection Program, which is a forgivable loan that helps keep business’ workforces employed, and the EIDL, which provides up to $10,000 of economic relief to businesses that are currently experiencing a temporary loss in revenue that does not have to be repaid. ….

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